The o2 sensor is really measuring residual oxygen anyway and jsut converting teh lambda vales to an engineering value (AFR). Greg is correct in teh different values, but if youleave the o2 sensor alone and shoot for approximately the same "number" as you woudl with gasoline, it will result in ~ the same lambda.
This
E85 also wants to run a bit richer for peak hp. I am actually going to shoot for 11.0 just to be safe. At 10.1 it was spitting and sputtering pretty bad below boost. I've been told to shoot for 11.6 even on E85, the "same number" thing, but I don't want to melt anything like I did last year.